Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Calculation of total, average and marginal product of labor.

A yacht Builder uses labor and capital to produce yachts as described by the following production function Q=f(K

In the short run, the firm's capital is fixed at k=10 units.

a) Describe the firm's total product of labor curve?

b) Describe the firm's average product of labor curve?

c) Determine the firm's marginal product of labor curve?

d) At what level of labor use do diminishing returns sets in for yacht builder?

e) At what level of labor use is average product of labor is maximized?

f) At what level of labor use is the yacht producer's output maximized in the short run?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917825

Have any Question? 


Related Questions in Business Economics

A rms production process uses labor l and capital k and

A ?rms production process uses labor, L, and capital, K, and materials, M, to produce an output, Q according to the function Q = KLM, where the marginal products of the three inputs are MPL = KM,MPK = LM, and MPM = KL. T ...

Identify a true statement about ethics and code of conduct

Identify a true statement about ethics and code of conduct. Select one: a. Among the several ethical issues of today, time theft costs can be easy to measure. b. One of the principal causes of unethical behavior in organ ...

Starting with a positive output gap where aggregate demand

Starting with a positive output gap where aggregate demand is at a level less than full employment, assume that the annual Real GDP growth rate is equal to 2.5% and the annual supply side growth rate is equal to 2.5%. As ...

What are the various ways a company can calculate cash flow

What are the various ways a company can calculate cash flow? What are we interested in understanding a companies cash flow? 2. Let's discuss yield to maturity. What is it and why do we want or need to know the yield to m ...

Machine a costs 9000 to purchase and 5000 per year to

Machine A costs $9000 to purchase and $5000 per year to operate. It lasts for 6 years, and has no salvage value at the end of its life. Machine B costs $16,000 to purchase and $4000 per year to operate. It lasts for 9 ye ...

Explain the importance of the backup table statement and

Explain the importance of the BACKUP TABLE statement and the RESTORE TABLE statement. When are they used?

Describe the considerations that have to be taken when

Describe the considerations that have to be taken when writing an application designed to drive a database by more than one simultaneous user?

Suppose that you are the manager of a newly formed

Suppose that you are the manager of a newly formed retirement fund. You are to set up a series of semiannual payments to accumulate a sum of $1,000,000 in ten years. You assume that the appropriate interest rate for the ...

Would having monitor supply twice as large as it usually is

Would having monitor supply twice as large as it usually is make trade twice as easy? Would having monetary supply half as much make trade half as easy? Explain

A managers will maximize the values of firms by making

a) Managers will maximize the values of firms by making decisions that maximize………. In every single time period, so long as cost and revenue conditions in each period are. b) When current output has the effect of increas ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate